Heard on the Street: $25.5 million store sale is Rochester's largest of 2019
A Med City retail center plus a related convenience store sold for $25.5 million on April 15, the largest Rochester real estate deal of the year so far.
The 273,800-square-foot Mills Fleet Farmstore at 4891 Maine Ave. SE and its C-store station were purchased by Minnesota real estate investor Steve Cheneyof Plymouth under the name of Cheney Rochester LLC.
Chad Behnken, vice president of Rochester’s Hamilton Real Estate, Inc.represented the buyer in the deal.
"I think this is a great opportunity," Behnken said of the property.
Mils Fleet Farm will lease back the space from Cheney as it had been from the former owner, MFF Mortgage Borrower 25 LLCof New York City.
MFF Mortgage Borrower purchased the property for $16.18 million in 2016 from Mills Properties of Brainerd.
Mills Fleet Farm built the super-sized center and opened it in 2007.
The Minnesota retailer moved out of its former Rochester store at the former store at 3551 S. Broadway, which was half the size of the new one.